New Hires/Promotions in the Leasing Business
and Related Industries

Jason Durgin was appointed Senior Vice President Sales, Navitas Credit Corporation, Concord, Massachusetts Branch. He is located in Westford, Massachusetts. He joined Navitas October, 2018 as Vice President of Sales. Previously, he was Senior Vice President, Amur Equipment Finance (January, 2015 - October, 2019); Regional Sales Manager, Ascentium Capital (January, 2012 - January, 2015). Full Bio:
https://www.linkedin.com/in/jasondurgin/details/experience
https://www.linkedin.com/in/jasondurgin/

Mark Gibson was hired as Senior Director, Eldridge Capital Management,  Toronto, Ontario M5T2E4, CA. He is located in Plano, Texas. Previously, he was Vice President, Stonebriar Commercial Finance (March, 2015 - February, 2025); Vice President, AIG Commercial Asset Finance (2004 - 2014); Assistant Vice President, Transamerica Equipment Financial Services (1998 - 2004). Full Bio:
https://www.linkedin.com/in/mark-gibson-14a26614/details/experience/
https://www.linkedin.com/in/mark-gibson-14a26614

Matt Picard was hired as Senior Finance Manager, ElmBlue Equipment Finance, Stratham, New Hampshire. He is located in Portsmouth, New Hampshire. Previously, he was Senior Finance Manager, First Citizens Bank (December, 2008 - February, 2025); Senior Finance Manager, Direct Capital Corporation (November, 2008 - February, 2025).
https://www.linkedin.com/in/matt-picard-11824659/

Jeff Schubert was hired as Director of Working Capital,  Dimension Funding, Woodstock, Georgia, where he is  located.  Previously, he was Vice President of Business Development, Kapitus (July, 2024 - November, 2024); Director of Working Capital, Oakmont Capital Services (April, 2023 - July, 2024); Director of Sales/Strategic Account Manager/Business Development Product Manager, Marlin Capital Solutions/PEAC Solutions (May, 2019 - February, 2023); Director of Strategic Partnerships, Rapid Finance (January, 2015 - April, 2019). Full Bio:
https://www.linkedin.com/in/jeffschubert/details/experience/
https://www.linkedin.com/in/jeffschubert

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Why You Should Not Ignore Disclosure Laws
By Ken Greene, Leasing Legal Editor, Emeritus

They say that ignorance is bliss. Maybe that is true when it comes to how laws or sausages are made, but it is patently false when it comes to state commercial finance disclosure laws. Here are the top reasons why this is so.

Some possible penalties for violating the disclosure laws are:

1. California: Revocation or suspension of CFL license; fine of up to $10,000 or imprisonment for up to one year or both (for willful violation).
2. New York: Fine of up to $2000 per violation or $, injunctive relief.
3. Utah: Civil penalties of $500 per violation of up to $20,000; $1000/$50,000 for violations after written notice of prior violation.
4. Florida: Civil penalties of $500 per violation of up to $20,000; $1000/$50,000 for violations after written notice of prior violation.
5. Kansas: Civil penalties of $500 per violation of up to $20,000; $1,000/$50,000 for violations after written notice of prior violation.
6. Connecticut: Civil penalties up to $100,000; restitution; injunctive relied
7. Virginia: Injunctive relief, restitution, damages.
8. Georgia: Civil penalties of $500 per violation of up to $20,000; $1,000/$50,000 for violations after written notice of prior violation.

Several other states, including Texas, Louisiana, Mississippi, Missouri, Pennsylvania, North Carolina, New Jersey, and Maryland, have introduced disclosure legislation. Each state has its own laws and regulations.

It is extremely difficult to keep up with the growing trend of mandating disclosure laws. Accordingly, it is of paramount importance that anyone considering undertaking a commercial finance transaction in any state consults a professional to ascertain whether commercial financing laws apply to the transaction.

License and Registration United States
A State-by-State Analysis of License Requirements for Lenders and Brokers
https://leasingnews.org/Pages/states_license.html

Ken Greene
Law Office of Kenneth Charles Greene
5743 Corsa Avenue, Suite 208
Westlake Village, California 91362
Tel: 818.575.9095
Fax: 805.435.7464
ken@kengreenelaw.com
www.kengreenelaw.com

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What Self-Employed and Business Entities Required  
to File BOI Reports Need to Know

Leasing News Legal Editor, Emeritus wrote in Friday’s editions about emails and telephone calls wanting more information.

If you report your business income to the IRS, own 25% of the business, or have controlling interest, here’s what you need to know to avoid penalties and ensure you meet your obligations.

What’s Changed?

After months of legal battles and uncertainty, a Texas Federal District Court judge lifted a nationwide injunction that had temporarily halted the enforcement of the CTA. This decision has reinstated the requirement for businesses to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) with updated deadlines for compliance:

• Existing entities (formed before January 1, 2024) now have until March 21, 2025, to file their initial BOI reports.
• New entities (formed or registered on or after February 18, 2025) must file their BOI reports within 30 days of their creation.
• Entities with previously extended deadlines (e.g., due to disaster relief) should adhere to their original deadline instead of the March 21, 2025 extension.

What is the BOI Report and Who Needs to File?

The BOI report is designed to prevent financial crimes like money laundering and fraud by requiring companies to disclose who ultimately owns or controls them. Businesses that fall under the reporting company definition must provide information on beneficial owners, which includes individuals who:

• Own at least 25% of the company
• Have substantial control over the company’s operations

The reporting rule applies broadly to corporations, LLCs, and similar business structures, unless specifically exempt (such as publicly traded companies, large operating businesses, and regulated entities).

Why Should Businesses Take This Seriously?

Although the extension provides additional time, non-compliance could lead to hefty penalties, including:

• Civil fines of up to $500 per day for continued non-compliance
• Criminal penalties, including up to two years in prison and fines of up to $10,000 for willful violations

What’s Next? More Changes Could Be Coming

Despite the reinstatement of the Corporate Transparency Act, ongoing lawsuits and legislative efforts could still impact its future. FinCEN has indicated that it may modify certain reporting rules to reduce the burden on small businesses, particularly those deemed lower-risk. However, until formal changes are enacted, businesses must operate under the current law and deadlines.

How Businesses Can Prepare

With just over three weeks left to comply, small business owners should take action now by:

• Determining if their company is required to file under the BOI reporting rule
• Identifying and verifying beneficial owners
• Gathering necessary documentation, such as personal identifying information for each beneficial owner
• Submitting the BOI report to FinCEN before the deadline

For business owners who are unsure whether they need to file, consulting with a legal or financial professional is a smart move to ensure compliance and avoid penalties.

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Balboa Capital Available Position
Program Manager II- Equipment Broker Sales
Full Job Details - Benefits

Your Facebook Profile in Job Hunting

Career Crossroads by Emily Fitzpatrick/RII

Your social media profile is not a resume. I have received MANY submittals that include a Facebook or Instagram link. I don’t want to be insulting but it often delivers the wrong message. More than likely, the interviewer will look you up in LinkedIn which gives your job and maybe even references.  While seeking a new job, I suggest turning off your Facebook, Instagram, and you might even want to edit your X account.

A social medial profile is not a resume. It does NOT replace the traditional form of applications.

Also, amend your resume for the specific job you are applying for. You can emphasize more attributes that fit the specific position. You resume does NOT fit all the jobs you apply for.

Once written, your resume is not finished. Rewrite it for the job you are applying for. Yes, the resume writing is never done until an employer says "You're Hired!"

Please call me if you would like to discuss this in person.

Emily Fitzpatrick
Sr. Recruiter
Recruiters International, Inc.
Phone: 954-885-9241
Mobile: 954-612-0567
Email: emily@riirecruit.com
www.riirecruit.com
www.riicareer.com

Career Crosswords Past Columns
https://leasingnews.org/Conscious-Top%20Stories/crossroad.html

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Top Ten Most Read by Readers
February 24 - February 28

(1) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Feb2025/02_26.htm#hires

(2) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Feb2025/02_28.htm#hires

(3) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Feb2025/02_24.htm#hires

(4) The Corporate Transparency Act is Back!
  Contact Your Accountant or Attorney
By Ken Greene, Leasing News Editor, Emeritus
https://leasingnews.org/archives/Feb2025/02_28.htm#cta

(5) What To Do If You
  Can't Make it to Jury Duty
By Ken Greene, Esq., Leasing News Emeritus
https://leasingnews.org/archives/Feb2025/02_24.htm#what

(6) Employees at Leasing Companies
   Return to the Office  By Edward P. Kaye, VP/
Putnam Leasing Company, NVLA Editorial Board Member
https://leasingnews.org/archives/Feb2025/02_28.htm#rto

(7)  Now is the Time for Originators
Sales Makes it Happen by Kit Menkin
https://leasingnews.org/archives/Feb2025/02_24.htm#now

(8) Broker Battle 2025 Champions
by Sean Murray, deBanked President and Chief Editor
Founder of the Broker Fair Conference
https://leasingnews.org/archives/Feb2025/02_26.htm#bb

(9) CapEx Finance Index for January 2025
New Business
https://leasingnews.org/archives/Feb2025/02_28.htm#capex

(10) The SBA’s Loan Losses—and Job Losses Are Rising
Higher Fees Are Likely
https://www.inc.com/melissa-angell/the-sbas-loan-losses-and-job-losses-are-rising-higher-fees-are-likely/91146602

 

 

 

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Commercial Finance/Leasing Finance
Conferences and Forums

March 4-6: Funders Forum & Broker Expo, Hollywood, Florida

Agenda: https://thefundersforumbrokerexpo.com/fl/agenda/
Register: https://reg.eventmobi.comFFBE2025/register 
Book Your Room: https://thefundersforumbrokerexpo.com/fl/#hotel

Bob Rodi, long time friend, original member of Advisory Board and contributing writer for Leasing News. will cover Funders Forum & Broker Expo. Rodi is active in Commercial Finance and Leasing.

---

March 11-13: National Equipment Finance Association Spring Conference, Omni, La Costa Resort & Spa, Carlsbad, California.
Confernce Details

Vicki Shimkus CLFP, Balboa Capital, A Division of Ameris Bank | Broker Relationship Manager, will cover the conference for Leasing News.

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April 9–11: NVLA Conference, Clearwater Beach, Florida
Conference Details

This year's conference will feature Keynote Speaker, Michelle "MACE" Curran, Women in Leasing Poolside Social, informative education sessions, and ample networking opportunities.

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April 9-11 AACFB Annual Conference, Las Vegas, Nevada
Conference Details

List of Exhibitors

Theresa Kabot, CLFP, K2 Funding, Kabot Commercial; Leasing advisory board original member of Leasing News Advisory board and long time friend will be covering the AACFB conference for Leasing News readers.

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April 15-17: ELFA 36th Annual National Funding Conference, Chicago, Illinois
Conference Details

Don't miss your chance to connect with over 600 industry professionals at the ELFA Funding Conference. Funding is the lifeblood of the equipment leasing and finance industry – this event is your opportunity to secure the partnerships you need to drive success. Register and view hotel information

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May 19: Broker Fair, New York City
https://brokerfair.org
https://brokerfair.org/register/

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September 10-12: AACFB Commercial Financing Expo, Austin, TX
Conference Details Coming Soon

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October 14-16 National Equipment Finance Association Fall Conference, Renaissance Hotel, Minneapolis, Minnesota
Confernce Details Coming Soon

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October 26-28: ELFA 64th Annual Convention, Marco Island, Florida
Confernce Details

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To be listed or update: kitmenkin@leasingnews.org

sub
 

News Briefs

Social Security Administration to Cut Roughly 7,000
    Workers  closing six of 10 regional offices
https://www.nytimes.com/2025/02/28/business/social-security-administration-job-cuts.html

Trump’s ‘Gold Card’ Set Off Panic in an Unexpected Place:
    Real Estate
https://www.nytimes.com/2025/03/01/business/dealbook/trump-gold-card-real-estate.html

Trump Picks Another Trade Fight With Canada
    This One Over Lumber
https://www.nytimes.com/2025/03/01/business/economy/trump-trade-canada-lumber.html

NYC’s Roosevelt Hotel may fetch $1B
    in sale after migrants move out
https://nypost.com/2025/03/02/business/nycs-roosevelt-hotel-may-fetch-1b-in-sale-after-migrants-move-out-sources/

Microsoft retiring Skype after 20 years
    — as platform failed to keep up with Zoom, Slack
https://nypost.com/2025/02/28/business/microsoft-shutting-down-skype-after-20-years-as-platform-failed-to-keep-up-with-zoom-slack/

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FAA Officials Ordered Staff to Find Funding
  For Elon Musk’s Starlink
https://www.rollingstone.com/politics/politics-features/elon-musk-starlink-faa-officials-find-funding-1235285246/

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Sports Briefs---

How the 49ers will replace Deebo Samuel after trade
https://www.espn.com/nfl/story/_/id/44072177/how-49ers-replace-deebo-samuel-trade-commanders

Steph Curry declares rare dunk against
76ers will be his last
https://www.pressdemocrat.com/article/sports/steph-curry-declares-rare-dunk-against-76ers-will-be-his-last/

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California News Briefs---

Apple, Samsung strike deal for purchase of
    San Jose office building
https://www.mercurynews.com/2025/02/28/tech-apple-samsung-economy-property-build-jobs-work-real-estate-iphone/

Gridlock Caused by Sending Drives Shortcuts
https://www.mercurynews.com/2025/02/16/los-gatos-to-consider-street-closures-to-reduce-beach-traffic/?ut

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Gimme that Wine

 

http://www.youtube.com/watch?v=EJnQoi8DSE8

Napa's Ghost Horse winery is selling a $25,000 Cabernet
https://www.sfchronicle.com/food/wine/article/ghost-horse-napa-valley-20163420.php

Cal Poly Pomona's Collins College Hosts Historic 26-Year
Robert Mondavi Wine Vertical
https://www.winebusiness.com/news/article/298935

2024 Harvest in Napa Valley Begins for White
and Sparkling Wines
https://www.winebusiness.com/news/article/290961